Silver (XAGUSD) Up $0.68 On 4 Hour Chart, Tops All metals; Started Today Up 2.93%

Silver Daily Price Recap

23.89 was the closing price of the day for Silver, resulting in today being one in which price moved up 2.93% ($0.68) from the day prior. Silver outperformed all 5 assets in the metals asset class since the day prior. Below is a daily price chart of Silver.

XAGUSD

Silver Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For another vantage point, consider that Silver’s price has gone down 18 of the previous 30 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Silver:

  • From VivaPost:

    LBMA said that gold and #silver held in London vaults reached record levels for the fourth consecutive month. However, with the sharp rise in the silver price, the value transferred surged by 41.5% to $9.12 billion, the highest level since March 2011. $XAG #xagusd

  • From goldseek:

    @pizdets17 $silj nearly break even on day. $ag higher. The silver price is down over 3%. Usually see the stocks drop harder. Tells me they don’t believe the silver price is going much lower. Sellers exhausted. Stocks are cheap.

  • From Northst18363337:

    I’ve never deleted a Tweet, but I removed the last one because it was misleading – my screen was displaying yesterdays silver price – my error. Back to the charts…

In terms of news links for Silver here’s one to try:

THE FORMER INDUSTRIAL METAL: The Silver Price Surges As Copper & Oil Get Crushed – SRSrocco Report

Posted by SRSrocco
in Energy, Precious Metals
on October 1, 2020 —
14 comments
The notion that silver is just an “Industrial Metal” was utterly destroyed today as both the copper and oil prices were crushed as silver surged higher.  This is precisely what I was looking for as a positive sign showing that silver is now disconnecting itself from the INDUSTRIAL METAL BALL & CHAIN….Today, it was quite an impressive day for silver (and gold) as the metals surged higher while copper, the king industrial metal, got destroyed.  Here is a chart of the copper price versus silver….With the U.S. oil price falling $2 in one day, that just wiped out $21 million in oil revenues to the oil companies.  This is also terrible news for the U.S. Shale Oil Industry is being held together by DUCT TAPE, BAILING WIRE, and ELMERS GLUE….A $2.00 decline in the oil price IN ONE DAY, destroys $21 million in oil revenues in the U.S. domestic oil industry….Another indicator suggesting that silver is now heading more towards a Monetary Metal than an industrial metal was explained in my newest member article below: The silver market is rapidly changing, and new investors are just beginning to wake up to why it’s essential to own the shiny metal.  As I have stated several times, we are only in the first stage of the coming Silver Fireworks….Got no silver ?